Consider a dairy farm. The fresh milk thatcan be produced each day is random and isa continuous uniform distribution between87 and 110 litres. Recently, you secured acontract with a local childcare centre thatcan buy up to 100 litres a day from you. Ifthe milk production of the day is not morethan 100 litres, you sell all milk to thechildcare. If the milk production of the dayis more than 100 litres, you will sell theremainder to a local supermarket. Set therandom seed to be 69. Set the number ofsimulation iterations to 2000. Round youranswer to 2 decimal places.Simulate on average how many litres per dayyou can sell to the childcare?Suppose the milk is priced at $1 per litre whensold to childcare and $2.5 per litre at thesupermarket. Estimate your average dailyrevenue.

From the given information, The fresh milk that can be produced each day is random and is continuous…

Answered: Consider a dairy farm. The fresh milk…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Consider a dairy farm. The fresh milk that can be produced each day is random and is a continuous uniform distribution between 87 and 110 litres. Recently, you secured a contract with a local childcare centre that can buy up to 100 litres a day from you. If